-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  C:\Users\knm4642\Dropbox\Nha Meo Heo Beo\_JMP\WORKING FOLDER\Table A22_Bilateral trust margins.log
  log type:  text
 opened on:  19 Feb 2026, 00:00:43

. 
. //PREPARE DATA
. * set globals
. global firm = "firmage firmage2"

. global ceo = "age age2 yrinco"

. global bitrustFEs = "ceoid eubmcode boardid#year"

. global bitrustsample = "eubmcode != 33 & haspat & year < 2012 & !nonUS" //eubmcode 33 = US

. global cluster = "etheubmcode"

. 
. //PREPARE TABLE
. foreach panel in "A" "B" {
  2.         * Panel A: Non-US-based inventor bilateral trust sample
.         if "`panel'" == "A" {
  3.                 global sample = "nonUS"
  4.         }
  5.         * Panel B: All inventor bilateral trust sample
.         if "`panel'" == "B" {
  6.                 global sample = "all"
  7.         }
  8.         
.         eststo clear
  9.         * prepare data for column (1)
.         use "Bilateral trust sample_${sample}.dta", clear
 10.         qui reghdfe ash_f1allpatxc bitrust_sd logat logsale ${firm} ${ceo} if ${bitrustsample}, ///
>                 a(boardid eubmcode ceoid year) keepsin
 11.         keep if e(sample)
 12.         keep boardid year
 13.         duplicates drop 
 14.         tempfile bitrustsample
 15.         save "`bitrustsample'"
 16.         use "Baseline CEO firm year sample.dta", clear
 17.         merge m:1 boardid year using "`bitrustsample'"  
 18.         bysort boardid: egen bitrustsample = max(_m == 3)
 19.         
.         eststo col1: /// generalized trust in firm x year sample
>                 reghdfe ash_f1allpat trust_sd ${firm} ${ceo} ///
>                 if year < 2012 & !nonUS & bitrustsample, a(boardid year) cluster(mainethcode) keepsin
 20.                         estadd local sample     "Gen trust"
 21.                         estadd local transform  "arsinh(.)"
 22.                         estadd local FE_FnY     "X"
 23.                         distinct boardid if e(sample)
 24.                         eststo col1, add(nofirms r(ndistinct))
 25.         
.         * prepare data for columns (2)-(9)
.         use "Bilateral trust sample_${sample}.dta", clear
 26.         gen D_f1allpatxc = f1allpatxc > 0
 27.         bysort boardid ceoid: egen minCEOyr = min(year)
 28.         bysort boardid ceoid: egen maxCEOyr = max(year)
 29.         qui reghdfe ash_f1allpatxc bitrust_sd logat logsale ${firm} ${ceo} if ${bitrustsample}, ///
>                 a(boardid eubmcode ceoid year) keepsin
 30.         gen bitrustsample = e(sample)
 31.         
.         eststo col2: /// baseline bilateral trust effect
>                 reghdfe ash_f1allpatxc bitrust_sd if bitrustsample, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 32.                         estadd local sample     "Full"
 33.                         estadd local transform  "arsinh(.)"
 34.                         estadd local FE_CEO     "X"
 35.                         estadd local FE_IC      "X"
 36.                         estadd local FE_FxY     "X"
 37.                         distinct brdeubmcode if e(sample)
 38.                         estadd scalar nofirmxcntrys = r(ndistinct)
 39.                         distinct boardid if e(sample)
 40.                         eststo col2, add(nofirms r(ndistinct))
 41.         eststo col3: /// baseline bilateral trust effect
>                 reghdfe D_f1allpatxc bitrust_sd if bitrustsample, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 42.                         sum D_f1allpatxc if e(sample)
 43.                         estadd scalar depvarmean = r(mean)
 44.                         estadd local sample     "Full"
 45.                         estadd local transform  "1(.>0)"
 46.                         estadd local FE_CEO     "X"
 47.                         estadd local FE_IC      "X"
 48.                         estadd local FE_FxY     "X"
 49.                         distinct brdeubmcode if e(sample)
 50.                         estadd scalar nofirmxcntrys = r(ndistinct)
 51.                         distinct boardid if e(sample)
 52.                         eststo col3, add(nofirms r(ndistinct))
 53.         eststo col4: /// patenting period
>                 reghdfe ash_f1allpatxc bitrust_sd if bitrustsample ///
>                 & inrange(year, firstpatyear-1, lastpatyear), a(${bitrustFEs}) cluster(${cluster}) keepsin
 54.                         estadd local sample     "Patent"
 55.                         estadd local transform  "arsinh(.)"
 56.                         estadd local FE_CEO     "X"
 57.                         estadd local FE_IC      "X"
 58.                         estadd local FE_FxY     "X"
 59.                         distinct brdeubmcode if e(sample)
 60.                         estadd scalar nofirmxcntrys = r(ndistinct)
 61.                         distinct boardid if e(sample)
 62.                         eststo col4, add(nofirms r(ndistinct))
 63.         eststo col5: /// patenting years
>                 reghdfe log_f1allpatxc bitrust_sd if bitrustsample, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 64.                         estadd local sample     "Patent"
 65.                         estadd local transform  "ln(.)"
 66.                         estadd local FE_CEO     "X"
 67.                         estadd local FE_IC      "X"
 68.                         estadd local FE_FxY     "X"             
 69.                         distinct brdeubmcode if e(sample)
 70.                         estadd scalar nofirmxcntrys = r(ndistinct)
 71.                         distinct boardid if e(sample)
 72.                         eststo col5, add(nofirms r(ndistinct))
 73.         eststo col6: /// bilateral trust effect intensive margin
>                 reghdfe ash_f1allpatxc bitrust_sd if bitrustsample & minCEOyr > firstpatyear, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 74.                         estadd local sample     "Intensive"
 75.                         estadd local transform  "arsinh(.)"
 76.                         estadd local FE_CEO     "X"
 77.                         estadd local FE_IC      "X"
 78.                         estadd local FE_FxY     "X"
 79.                         distinct brdeubmcode if e(sample)
 80.                         estadd scalar nofirmxcntrys = r(ndistinct)
 81.                         distinct boardid if e(sample)
 82.                         eststo col6, add(nofirms r(ndistinct))
 83.         eststo col7: /// bilateral trust effect intensive margin
>                 reghdfe D_f1allpatxc bitrust_sd if bitrustsample & minCEOyr > firstpatyear, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 84.                         sum D_f1allpatxc if e(sample)
 85.                         estadd scalar depvarmean = r(mean)
 86.                         estadd local sample     "Intensive"
 87.                         estadd local transform  "1(.>0)"
 88.                         estadd local FE_CEO     "X"
 89.                         estadd local FE_IC      "X"
 90.                         estadd local FE_FxY     "X"
 91.                         distinct brdeubmcode if e(sample)
 92.                         estadd scalar nofirmxcntrys = r(ndistinct)
 93.                         distinct boardid if e(sample)
 94.                         eststo col7, add(nofirms r(ndistinct))
 95.         eststo col8: /// bilateral trust effect extensive margin
>                 reghdfe ash_f1allpatxc bitrust_sd if bitrustsample & minCEOyr <= firstpatyear, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 96.                         estadd local sample     "Extensive"
 97.                         estadd local transform  "arsinh(.)"
 98.                         estadd local FE_CEO     "X"
 99.                         estadd local FE_IC      "X"
100.                         estadd local FE_FxY     "X"
101.                         distinct brdeubmcode if e(sample)
102.                         estadd scalar nofirmxcntrys = r(ndistinct)
103.                         distinct boardid if e(sample)
104.                         eststo col8, add(nofirms r(ndistinct))
105.         eststo col9: /// bilateral trust effect extensive margin
>                 reghdfe D_f1allpatxc bitrust_sd if bitrustsample & minCEOyr <= firstpatyear, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
106.                         sum D_f1allpatxc if e(sample)
107.                         estadd scalar depvarmean = r(mean)
108.                         estadd local sample     "Extensive"
109.                         estadd local transform  "1(.>0)"
110.                         estadd local FE_CEO     "X"
111.                         estadd local FE_IC      "X"
112.                         estadd local FE_FxY     "X"
113.                         distinct brdeubmcode if e(sample)
114.                         estadd scalar nofirmxcntrys = r(ndistinct)
115.                         distinct boardid if e(sample)
116.                         eststo col9, add(nofirms r(ndistinct))
117.         
.         esttab /*using "Table A22_Bilateral trust margins_Panel `panel'.tex"*/, ///
>                 cells(b(star fmt(3)) se(par fmt(3))) starlevels(* 0.1 ** 0.05 *** 0.01) ///
>                 nomtitle collabels(none) label varwidth(27) modelwidth(12) ///
>                 mgroups("Future patent applications", pattern(1 0 0 0 0 0 0 0 0) ///
>                         prefix(\multicolumn{@span}{c}{) suffix(}) span) ///
>                 keep(trust_sd bitrust_sd) order(trust_sd bitrust_sd) ///
>                 coeflab(trust_sd "CEO's generalized trust" bitrust_sd "CEO's bilateral trust") ///
>                 stats(depvarmean sample transform FE_FnY FE_FxY FE_CEO FE_IC N nofirmxcntrys nofirms, fmt(%9.3fc %9.0fc) ///
>                         lab("Dep. var. mean" "Sample" "Transformation" "Firm \& Year FEs" "Firm $\times$ Year FEs" ///
>                                 "CEO FEs" "Inventor country FEs" "Observations" "Firm $\times$ Inv country's" "Firms"))
118. }
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(1,748,588 observations deleted)

Duplicates in terms of all variables

(18,612 observations deleted)
file C:\Users\knm4642\AppData\Local\Temp\ST_402c_000002.tmp saved as .dta format

    Result                      Number of obs
    -----------------------------------------
    Not matched                        51,293
        from master                    51,288  (_merge==1)
        from using                          5  (_merge==2)

    Matched                             5,579  (_merge==3)
    -----------------------------------------
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =      6,905
Absorbing 2 HDFE groups                           F(   6,     29) =      15.95
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.8605
                                                  Adj R-squared   =     0.8438
                                                  Within R-sq.    =     0.0060
Number of clusters (mainethcode) =         30     Root MSE        =     0.7410

                           (Std. err. adjusted for 30 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |   .1168243   .0246571     4.74   0.000     .0663948    .1672538
     firmage |   -.012314   .0085074    -1.45   0.158    -.0297137    .0050856
    firmage2 |   .0000705   .0001837     0.38   0.704    -.0003051    .0004461
         age |  -.0334283   .0336211    -0.99   0.328    -.1021912    .0353345
        age2 |   .0002844   .0002904     0.98   0.336    -.0003095    .0008784
      yrinco |   .0074751   .0021428     3.49   0.002     .0030927    .0118576
       _cons |   2.950702   .8634005     3.42   0.002     1.184849    4.716554
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |       723           0         723     |
        year |        12           1          11     |
-----------------------------------------------------+

added macro:
             e(sample) : "Gen trust"

added macro:
          e(transform) : "arsinh(.)"

added macro:
             e(FE_FnY) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |       6905        723
(e(nofirms) = 723 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 30 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   1,    256) =       5.01
Statistics robust to heteroskedasticity           Prob > F        =     0.0261
                                                  R-squared       =     0.3854
                                                  Adj R-squared   =     0.2224
                                                  Within R-sq.    =     0.0011
Number of clusters (etheubmcode) =        257     Root MSE        =     0.7475

                          (Std. err. adjusted for 257 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0522987   .0233655     2.24   0.026     .0062856    .0983118
       _cons |  -.0345826   .1914695    -0.18   0.857    -.4116386    .3424734
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960           0         960     |
       eubmcode |        27           1          26     |
   boardid#year |      4672         778        3894    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(sample) : "Full"

added macro:
          e(transform) : "arsinh(.)"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

added scalar:
      e(nofirmxcntrys) =  3481

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730
(e(nofirms) = 730 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 32 iterations)

HDFE Linear regression                            Number of obs   =     23,284
Absorbing 3 HDFE groups                           F(   1,    256) =       8.98
Statistics robust to heteroskedasticity           Prob > F        =     0.0030
                                                  R-squared       =     0.3729
                                                  Adj R-squared   =     0.2066
                                                  Within R-sq.    =     0.0010
Number of clusters (etheubmcode) =        257     Root MSE        =     0.4092

                          (Std. err. adjusted for 257 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
D_f1allpatxc | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0268359   .0089528     3.00   0.003     .0092054    .0444663
       _cons |   .0846113   .0728344     1.16   0.246    -.0588197    .2280423
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       960           0         960     |
       eubmcode |        27           1          26     |
   boardid#year |      4672         778        3894    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
D_f1allpatxc |     23,284    .3026542    .4594167          0          1

added scalar:
         e(depvarmean) =  .30265418

added macro:
             e(sample) : "Full"

added macro:
          e(transform) : "1(.>0)"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23284       3481

added scalar:
      e(nofirmxcntrys) =  3481

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23284        730
(e(nofirms) = 730 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 28 iterations)

HDFE Linear regression                            Number of obs   =     11,835
Absorbing 3 HDFE groups                           F(   1,    223) =       4.58
Statistics robust to heteroskedasticity           Prob > F        =     0.0334
                                                  R-squared       =     0.4178
                                                  Adj R-squared   =     0.2052
                                                  Within R-sq.    =     0.0018
Number of clusters (etheubmcode) =        224     Root MSE        =     0.9451

                          (Std. err. adjusted for 224 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |    .082397   .0384901     2.14   0.033     .0065462    .1582477
       _cons |   .0986732   .3182142     0.31   0.757    -.5284185     .725765
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       764           0         764     |
       eubmcode |        27           1          26     |
   boardid#year |      3022         647        2375    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(sample) : "Patent"

added macro:
          e(transform) : "arsinh(.)"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      11835       2597

added scalar:
      e(nofirmxcntrys) =  2597

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      11835        625
(e(nofirms) = 625 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 24 iterations)

HDFE Linear regression                            Number of obs   =      7,047
Absorbing 3 HDFE groups                           F(   1,    214) =       3.79
Statistics robust to heteroskedasticity           Prob > F        =     0.0527
                                                  R-squared       =     0.4828
                                                  Adj R-squared   =     0.2373
                                                  Within R-sq.    =     0.0022
Number of clusters (etheubmcode) =        215     Root MSE        =     1.1503

                          (Std. err. adjusted for 215 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
log_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .1108552   .0569064     1.95   0.053    -.0013136    .2230241
       _cons |  -.5845004   .4688521    -1.25   0.214     -1.50866    .3396592
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       690           0         690     |
       eubmcode |        27           1          26     |
   boardid#year |      2157         605        1552    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(sample) : "Patent"

added macro:
          e(transform) : "ln(.)"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |       7047       2338

added scalar:
      e(nofirmxcntrys) =  2338

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |       7047        582
(e(nofirms) = 582 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 26 iterations)

HDFE Linear regression                            Number of obs   =     10,552
Absorbing 3 HDFE groups                           F(   1,    231) =       2.85
Statistics robust to heteroskedasticity           Prob > F        =     0.0925
                                                  R-squared       =     0.4997
                                                  Adj R-squared   =     0.3169
                                                  Within R-sq.    =     0.0014
Number of clusters (etheubmcode) =        232     Root MSE        =     0.9224

                          (Std. err. adjusted for 232 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0723314   .0428188     1.69   0.093    -.0120339    .1566967
       _cons |   .0686004   .3544632     0.19   0.847    -.6297938    .7669945
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       624           0         624     |
       eubmcode |        27           1          26     |
   boardid#year |      2686         513        2173    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(sample) : "Intensive"

added macro:
          e(transform) : "arsinh(.)"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      10552       1903

added scalar:
      e(nofirmxcntrys) =  1903

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      10552        486
(e(nofirms) = 486 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 27 iterations)

HDFE Linear regression                            Number of obs   =     10,552
Absorbing 3 HDFE groups                           F(   1,    231) =       3.78
Statistics robust to heteroskedasticity           Prob > F        =     0.0532
                                                  R-squared       =     0.5066
                                                  Adj R-squared   =     0.3263
                                                  Within R-sq.    =     0.0011
Number of clusters (etheubmcode) =        232     Root MSE        =     0.4036

                          (Std. err. adjusted for 232 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
D_f1allpatxc | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0273921   .0140947     1.94   0.053    -.0003786    .0551627
       _cons |   .1856219   .1158454     1.60   0.110    -.0426268    .4138705
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       624           0         624     |
       eubmcode |        27           1          26     |
   boardid#year |      2686         513        2173    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
D_f1allpatxc |     10,552    .4093063    .4917292          0          1

added scalar:
         e(depvarmean) =  .40930629

added macro:
             e(sample) : "Intensive"

added macro:
          e(transform) : "1(.>0)"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      10552       1903

added scalar:
      e(nofirmxcntrys) =  1903

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      10552        486
(e(nofirms) = 486 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 35 iterations)

HDFE Linear regression                            Number of obs   =     12,732
Absorbing 3 HDFE groups                           F(   1,    217) =       2.90
Statistics robust to heteroskedasticity           Prob > F        =     0.0902
                                                  R-squared       =     0.3226
                                                  Adj R-squared   =     0.0075
                                                  Within R-sq.    =     0.0009
Number of clusters (etheubmcode) =        218     Root MSE        =     0.4136

                          (Std. err. adjusted for 218 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0263484    .015481     1.70   0.090    -.0041639    .0568608
       _cons |  -.0457096   .1264277    -0.36   0.718     -.294893    .2034738
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       733           0         733     |
       eubmcode |        27           1          26     |
   boardid#year |      3897         615        3282    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(sample) : "Extensive"

added macro:
          e(transform) : "arsinh(.)"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      12732       1861

added scalar:
      e(nofirmxcntrys) =  1861

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      12732        592
(e(nofirms) = 592 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 35 iterations)

HDFE Linear regression                            Number of obs   =     12,732
Absorbing 3 HDFE groups                           F(   1,    217) =       1.47
Statistics robust to heteroskedasticity           Prob > F        =     0.2266
                                                  R-squared       =     0.3899
                                                  Adj R-squared   =     0.1062
                                                  Within R-sq.    =     0.0003
Number of clusters (etheubmcode) =        218     Root MSE        =     0.3879

                          (Std. err. adjusted for 218 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
D_f1allpatxc | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0141836   .0116958     1.21   0.227    -.0088684    .0372356
       _cons |   .0995021   .0949035     1.05   0.296    -.0875485    .2865527
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       733           0         733     |
       eubmcode |        27           1          26     |
   boardid#year |      3897         615        3282    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
D_f1allpatxc |     12,732    .2142633    .4103264          0          1

added scalar:
         e(depvarmean) =  .21426327

added macro:
             e(sample) : "Extensive"

added macro:
          e(transform) : "1(.>0)"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      12732       1861

added scalar:
      e(nofirmxcntrys) =  1861

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      12732        592
(e(nofirms) = 592 added)

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                            \multicolumn{9}{c}{Future patent applications}                                                                                                 
                                     (1)             (2)             (3)             (4)             (5)             (6)             (7)             (8)             (9)   
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
CEO's generalized trust            0.117***                                                                                                                                
                                 (0.025)                                                                                                                                   
CEO's bilateral trust                              0.052**         0.027***        0.082**         0.111*          0.072*          0.027*          0.026*          0.014   
                                                 (0.023)         (0.009)         (0.038)         (0.057)         (0.043)         (0.014)         (0.015)         (0.012)   
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Dep. var. mean                                                     0.303                                                           0.409                           0.214   
Sample                         Gen trust            Full            Full          Patent          Patent       Intensive       Intensive       Extensive       Extensive   
Transformation                 arsinh(.)       arsinh(.)          1(.>0)       arsinh(.)           ln(.)       arsinh(.)          1(.>0)       arsinh(.)          1(.>0)   
Firm \& Year FEs                       X                                                                                                                                   
Firm $\times$ Year FEs                                 X               X               X               X               X               X               X               X   
CEO FEs                                                X               X               X               X               X               X               X               X   
Inventor country FEs                                   X               X               X               X               X               X               X               X   
Observations                       6,905          23,284          23,284          11,835           7,047          10,552          10,552          12,732          12,732   
Firm $\times$ Inv country's                        3,481           3,481           2,597           2,338           1,903           1,903           1,861           1,861   
Firms                                723             730             730             625             582             486             486             592             592   
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(1,370,612 observations deleted)

Duplicates in terms of all variables

(48,877 observations deleted)
file C:\Users\knm4642\AppData\Local\Temp\ST_402c_000003.tmp saved as .dta format

    Result                      Number of obs
    -----------------------------------------
    Not matched                        47,282
        from master                    47,277  (_merge==1)
        from using                          5  (_merge==2)

    Matched                             9,590  (_merge==3)
    -----------------------------------------
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 6 iterations)

HDFE Linear regression                            Number of obs   =     11,911
Absorbing 2 HDFE groups                           F(   6,     31) =       8.87
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.8603
                                                  Adj R-squared   =     0.8436
                                                  Within R-sq.    =     0.0035
Number of clusters (mainethcode) =         32     Root MSE        =     0.7055

                           (Std. err. adjusted for 32 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |   .0858441   .0225351     3.81   0.001     .0398834    .1318048
     firmage |  -.0152607   .0057467    -2.66   0.012    -.0269813   -.0035402
    firmage2 |   .0001592    .000084     1.89   0.067    -.0000122    .0003306
         age |  -.0237882   .0180264    -1.32   0.197    -.0605532    .0129768
        age2 |   .0001965   .0001561     1.26   0.218    -.0001219    .0005149
      yrinco |   .0052233   .0014885     3.51   0.001     .0021876    .0082591
       _cons |   2.082096   .4599831     4.53   0.000     1.143955    3.020238
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      1255           0        1255     |
        year |        12           1          11     |
-----------------------------------------------------+

added macro:
             e(sample) : "Gen trust"

added macro:
          e(transform) : "arsinh(.)"

added macro:
             e(FE_FnY) : "X"

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      11911       1255
(e(nofirms) = 1255 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     56,942
Absorbing 3 HDFE groups                           F(   1,    303) =       5.31
Statistics robust to heteroskedasticity           Prob > F        =     0.0219
                                                  R-squared       =     0.6549
                                                  Adj R-squared   =     0.5951
                                                  Within R-sq.    =     0.0004
Number of clusters (etheubmcode) =        304     Root MSE        =     0.6573

                          (Std. err. adjusted for 304 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0258537   .0112214     2.30   0.022      .003772    .0479355
       _cons |   .4671191    .091223     5.12   0.000     .2876082      .64663
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1654           0        1654     |
       eubmcode |        27           1          26     |
   boardid#year |      8065        1330        6735    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(sample) : "Full"

added macro:
          e(transform) : "arsinh(.)"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      56942       8554

added scalar:
      e(nofirmxcntrys) =  8554

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56942       1263
(e(nofirms) = 1263 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 32 iterations)

HDFE Linear regression                            Number of obs   =     56,942
Absorbing 3 HDFE groups                           F(   1,    303) =       5.23
Statistics robust to heteroskedasticity           Prob > F        =     0.0229
                                                  R-squared       =     0.5550
                                                  Adj R-squared   =     0.4778
                                                  Within R-sq.    =     0.0002
Number of clusters (etheubmcode) =        304     Root MSE        =     0.3532

                          (Std. err. adjusted for 304 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
D_f1allpatxc | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0089657   .0039211     2.29   0.023     .0012497    .0166817
       _cons |   .5327871   .0320591    16.62   0.000     .4697004    .5958739
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1654           0        1654     |
       eubmcode |        27           1          26     |
   boardid#year |      8065        1330        6735    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
D_f1allpatxc |     56,942    .6055109     .488745          0          1

added scalar:
         e(depvarmean) =  .60551087

added macro:
             e(sample) : "Full"

added macro:
          e(transform) : "1(.>0)"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      56942       8554

added scalar:
      e(nofirmxcntrys) =  8554

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56942       1263
(e(nofirms) = 1263 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 32 iterations)

HDFE Linear regression                            Number of obs   =     32,834
Absorbing 3 HDFE groups                           F(   1,    281) =       7.25
Statistics robust to heteroskedasticity           Prob > F        =     0.0075
                                                  R-squared       =     0.6710
                                                  Adj R-squared   =     0.5987
                                                  Within R-sq.    =     0.0011
Number of clusters (etheubmcode) =        282     Root MSE        =     0.7364

                          (Std. err. adjusted for 282 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0459879    .017085     2.69   0.008     .0123571    .0796186
       _cons |   .7582866   .1387311     5.47   0.000     .4852025    1.031371
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1353           0        1353     |
       eubmcode |        27           1          26     |
   boardid#year |      5658        1128        4530    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(sample) : "Patent"

added macro:
          e(transform) : "arsinh(.)"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      32834       6674

added scalar:
      e(nofirmxcntrys) =  6674

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      32834       1085
(e(nofirms) = 1085 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 34 iterations)

HDFE Linear regression                            Number of obs   =     34,479
Absorbing 3 HDFE groups                           F(   1,    293) =       8.03
Statistics robust to heteroskedasticity           Prob > F        =     0.0049
                                                  R-squared       =     0.5754
                                                  Adj R-squared   =     0.5004
                                                  Within R-sq.    =     0.0007
Number of clusters (etheubmcode) =        294     Root MSE        =     1.2320

                          (Std. err. adjusted for 294 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
log_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0625284   .0220717     2.83   0.005     .0190893    .1059675
       _cons |  -.6673604   .1801238    -3.71   0.000    -1.021861   -.3128598
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1343           0        1343     |
       eubmcode |        27           1          26     |
   boardid#year |      4942        1138        3804    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(sample) : "Patent"

added macro:
          e(transform) : "ln(.)"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      34479       7405

added scalar:
      e(nofirmxcntrys) =  7405

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      34479       1083
(e(nofirms) = 1083 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 26 iterations)

HDFE Linear regression                            Number of obs   =     33,058
Absorbing 3 HDFE groups                           F(   1,    284) =       3.11
Statistics robust to heteroskedasticity           Prob > F        =     0.0790
                                                  R-squared       =     0.7278
                                                  Adj R-squared   =     0.6688
                                                  Within R-sq.    =     0.0004
Number of clusters (etheubmcode) =        285     Root MSE        =     0.7030

                          (Std. err. adjusted for 285 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0260441   .0147723     1.76   0.079    -.0030331    .0551212
       _cons |   .7463875   .1206954     6.18   0.000     .5088165    .9839585
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1253           0        1253     |
       eubmcode |        27           1          26     |
   boardid#year |      5639        1031        4608    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(sample) : "Intensive"

added macro:
          e(transform) : "arsinh(.)"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      33058       5718

added scalar:
      e(nofirmxcntrys) =  5718

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      33058        990
(e(nofirms) = 990 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 26 iterations)

HDFE Linear regression                            Number of obs   =     33,058
Absorbing 3 HDFE groups                           F(   1,    284) =       1.35
Statistics robust to heteroskedasticity           Prob > F        =     0.2456
                                                  R-squared       =     0.6267
                                                  Adj R-squared   =     0.5458
                                                  Within R-sq.    =     0.0001
Number of clusters (etheubmcode) =        285     Root MSE        =     0.3118

                          (Std. err. adjusted for 285 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
D_f1allpatxc | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0060911   .0052356     1.16   0.246    -.0042144    .0163965
       _cons |   .6401261   .0425177    15.06   0.000     .5564362    .7238159
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1253           0        1253     |
       eubmcode |        27           1          26     |
   boardid#year |      5639        1031        4608    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
D_f1allpatxc |     33,058    .6895154     .462699          0          1

added scalar:
         e(depvarmean) =  .6895154

added macro:
             e(sample) : "Intensive"

added macro:
          e(transform) : "1(.>0)"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      33058       5718

added scalar:
      e(nofirmxcntrys) =  5718

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      33058        990
(e(nofirms) = 990 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 32 iterations)

HDFE Linear regression                            Number of obs   =     23,884
Absorbing 3 HDFE groups                           F(   1,    264) =       0.52
Statistics robust to heteroskedasticity           Prob > F        =     0.4700
                                                  R-squared       =     0.4443
                                                  Adj R-squared   =     0.2193
                                                  Within R-sq.    =     0.0001
Number of clusters (etheubmcode) =        265     Root MSE        =     0.4131

                          (Std. err. adjusted for 265 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0099017   .0136841     0.72   0.470    -.0170422    .0368457
       _cons |   .2078997    .110338     1.88   0.061    -.0093549    .4251542
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1221           0        1221     |
       eubmcode |        27           1          26     |
   boardid#year |      6656        1020        5636    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(sample) : "Extensive"

added macro:
          e(transform) : "arsinh(.)"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23884       3389

added scalar:
      e(nofirmxcntrys) =  3389

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23884        990
(e(nofirms) = 990 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 32 iterations)

HDFE Linear regression                            Number of obs   =     23,884
Absorbing 3 HDFE groups                           F(   1,    264) =       2.23
Statistics robust to heteroskedasticity           Prob > F        =     0.1365
                                                  R-squared       =     0.5571
                                                  Adj R-squared   =     0.3778
                                                  Within R-sq.    =     0.0002
Number of clusters (etheubmcode) =        265     Root MSE        =     0.3943

                          (Std. err. adjusted for 265 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
D_f1allpatxc | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0111883   .0074911     1.49   0.136    -.0035616    .0259383
       _cons |   .3984437   .0602102     6.62   0.000     .2798905     .516997
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1221           0        1221     |
       eubmcode |        27           1          26     |
   boardid#year |      6656        1020        5636    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

    Variable |        Obs        Mean    Std. dev.       Min        Max
-------------+---------------------------------------------------------
D_f1allpatxc |     23,884    .4892397    .4998947          0          1

added scalar:
         e(depvarmean) =  .48923966

added macro:
             e(sample) : "Extensive"

added macro:
          e(transform) : "1(.>0)"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      23884       3389

added scalar:
      e(nofirmxcntrys) =  3389

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      23884        990
(e(nofirms) = 990 added)

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                            \multicolumn{9}{c}{Future patent applications}                                                                                                 
                                     (1)             (2)             (3)             (4)             (5)             (6)             (7)             (8)             (9)   
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
CEO's generalized trust            0.086***                                                                                                                                
                                 (0.023)                                                                                                                                   
CEO's bilateral trust                              0.026**         0.009**         0.046***        0.063***        0.026*          0.006           0.010           0.011   
                                                 (0.011)         (0.004)         (0.017)         (0.022)         (0.015)         (0.005)         (0.014)         (0.007)   
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Dep. var. mean                                                     0.606                                                           0.690                           0.489   
Sample                         Gen trust            Full            Full          Patent          Patent       Intensive       Intensive       Extensive       Extensive   
Transformation                 arsinh(.)       arsinh(.)          1(.>0)       arsinh(.)           ln(.)       arsinh(.)          1(.>0)       arsinh(.)          1(.>0)   
Firm \& Year FEs                       X                                                                                                                                   
Firm $\times$ Year FEs                                 X               X               X               X               X               X               X               X   
CEO FEs                                                X               X               X               X               X               X               X               X   
Inventor country FEs                                   X               X               X               X               X               X               X               X   
Observations                      11,911          56,942          56,942          32,834          34,479          33,058          33,058          23,884          23,884   
Firm $\times$ Inv country's                        8,554           8,554           6,674           7,405           5,718           5,718           3,389           3,389   
Firms                              1,255           1,263           1,263           1,085           1,083             990             990             990             990   
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------

. 
. cap log close
